Afastar / remover
Shareholders of the US Publishing Company have ousted Nancy Smith, its 75-year-old chairwoman, after voting to bar directors older than 73 from their board. Mrs. Smith, chairwoman of the parent company since 1974, contended that the move on Wednesday violated Federal age discrimination laws and state corporation law. She said she would ask a court to overturn the action.
John Barney, president and chief executive of US Publishing, commended Mrs. Smith for her years of leadership as he took over as chairman, adding that her removal "does not herald a change in ownership, direction or policy."
The removal of Mrs. Smith came after the privately held family company changed its bylaws in a special shareholders meeting. Mrs. Smith, who owns 26 percent of the company's shares, cited clashes with other family members as part of the reason for her removal. Outgoing chairwoman Smith might even try explaining why she said her own shareholders would be "mental" if they didn't accept her decisions.